- Bitcoin (BTC) price dips to roughly 20% this week — with the largest drop since March 2020.
- Bitcoin analysts and supporters are still optimistic about BTC price.
- The community responds to Bitcoin’s double-spending issue and whitepaper controversy.
Bitcoin ended Thursday down 13%, resulting in its largest daily drop since the market crash of March 2020. Furthermore, the BTC price dip is roughly 20% this week. At the time of writing, the BTC price is trading at $31,776.65, still down by almost 8% for the last 24 hours.
BTC Price Dips, Investors Still Positive
Early morning today, Bitcoin dropped below $30,000, pushing this week’s losses over 17% amid continued profit-taking. Its previous day’s drop reduced BTC’s recorded annual gains, with the cryptocurrency now up only 6% in 2021.
Moreover, the crypto market cap fell by $113 billion as the Bitcoin price tumbles to $28,750. Despite Bitcoin losing its support levels, analysts and supporters are still optimistic about BTC price movement in the future.
Crypto trader Scott Melker shows optimism as the dragonfly/hammer pattern of BTC price indicates a potential bullish divergence coming out of its oversold position. Thus, a reversal in BTC price is coming for the crypto community. Even popular Bitcoin personality Lark Davis predicts a 6-figure Bitcoin value this year.
Volatility is the price we pay for performance, #bitcoin still going over $100,000 this year!
— Lark Davis (@TheCryptoLark) January 22, 2021
Bitcoin FUD Debunked
Alongside the BTC price dip, news about a “double-spending” issue came to light. To destroy this FUD in public, Bitcoin advocate Andreas Antonopoulos boldly discussed how this is not possible. Other major crypto industry leaders like Gemini CEO Tyler Winklevoss also expressed their sentiment:
Journo tried to kill #Bitcoin today with FUD. Newsflash, won’t work, we’ve been here before. We know the drill. Stay calm and stack on.
— Tyler Winklevoss (@tyler) January 21, 2021
Recent legal threats of Craig Wright also put into the spotlight Bitcoin’s whitepaper. Claiming to have committed copyright infringement, the Bitcoin community started hosting Satoshi Nakamoto’s official document across the web. These include Facebook subsidiary Novi and Square.
In line with these events, the BTC price may or may not be directly affected. Investors are still firm with their belief that BTC will still be among the top cryptocurrency assets in 2021.
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